October 7, 2013 / 2:18 PM / 4 years ago

MARKET PULSE-Cooper Tire, Atossa, GW Pharmaceuticals, Apricus

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WALL ST DROPS AS WASHINGTON DEADLOCK CONTINUES

U.S. stocks dropped as the partial U.S. government shutdown dragged on with no signs politicians were willing to relax positions over the debt-ceiling limit or budget impasse.

The Dow Jones industrial average fell 0.99 percent, the S&P 500 0.85 percent and the Nasdaq Composite 0.8 percent.

** COOPER TIRE & RUBBER CO, $25.85, down 12 pct (9:36 a.m. ET)

Apollo Tyres’ $2.5 billion acquisition of Cooper has flared into a war of words as the two companies haggle over the price of the deal plagued by labor issues in the United States, where Cooper is based, and in China.

** ATOSSA GENETICS INC, $3.03, down 43 pct (09:46 a.m. ET)

The medical device maker said it would recall a medical device used to collect breast fluid for cancer detection along with a test that uses it, seven months after the U.S. Food and Drug Administration said the device needed additional clearance.

** BLACKBERRY LTD, $8.00, up 4 pct (9:39 a.m. ET)

The Canadian smartphone maker on the block as its smartphone business struggles, is in talks with Cisco Systems, Google Inc and SAP about selling them all or parts of itself, several sources close to the matter said.

** GW PHARMACEUTICALS INC, $28.95, up 17 pct (9:43 a.m. ET)

Lazard Capital analyst Joshua Schimmer raised his target price on the stock to $65 from $22, saying the biotechnology company’s experimental therapy to treat a type of epilepsy will fulfill enormous unmet needs.

The drug is composed of cannabinoids, which are compounds extracted from the cannabis plant. Schimmer said cannabinoids could represent a new breakthrough medication for seizures.

Schimmer said the development of the drug, which is in preclinical studies, could move quickly and expects it to be launched in 2018.

** OUTERWALL INC, $63.42, up 11 pct (9:44 a.m. ET)

Activist investor Jana Partners LLC reported a 13.5 percent stake in Outerwall and said it intends to explore options, including a sale, for the operator of the Redbox video rental kiosks.

** APRICUS BIOSCIENCES INC, $2.28, up 12.3 pct (9:31 a.m. ET)

The San Diego-based drugmaker said German health regulators approved its erectile dysfunction drug, Vitaros. The topical cream is already approved in Ireland, the Netherlands, Sweden, and the UK.

** BOEING CO, $115.67, down 1.3 pct (9:38 a.m. ET)

Airbus announced its first jet order from Japan Airlines Co Ltd on Monday, breaking open the last big aviation market dominated by Boeing, in a move that suggests the U.S. company may pay for the 787 Dreamliner’s troubled debut.

** WAL-MART STORES INC, $71.65, down 1.5 pct (9:45 a.m. ET)

Wal-Mart’s retail plans with India partner Bharti Enterprises are “not tenable” and both sides are looking for the best way to move forward, an executive with the U.S. retailer told Reuters.

** DRYSHIPS INC, $3.65, down 3 pct (9:48 a.m. ET)

The drybulk shipper and offshore contract driller said on Friday it would offer up to $200 million of its common shares.

** TOWER GROUP INTERNATIONAL LTD, $7.33, down 4 pct (9:49 a.m. ET)

A class action lawsuit was filed against the insurance company in the U.S. District Court for the Southern District of New York on Friday by a group of insurance buyers who purchased Tower Group’s securities between May 9, 2011 and Aug. 7, 2013.

The complaint said that during the period, Tower Group failed to properly estimate its loss reserve provisions as required by U.S. Generally Accepted Accounting Principles, or GAAP, and failed to properly allocate its goodwill and certain deferred tax assets.

** MICRON TECHNOLOGY INC, $18.68, up 1 pct (9:57 a.m. ET)

Citigroup raised its price target on the chipmaker’s stock to $30 from $19, according to theflyonthewall.com.

** AURICO GOLD INC, $3.93, up 5 pct (10 a.m. ET)

** ENDEAVOUR SILVER CORP, $4.26, up 4 pct

** HECLA MINING CO, $3.15, up 3 pct

** PRETIUM RESOURCES INC, $6.93, up 3 pct

Gold rose as investors assessed the impact of a lower dollar after politicians in Washington showed no signs of making progress to resolve the U.S. budget standoff. Spot gold rose 0.4 percent to $1,315.61. In other precious metals, silver rose 0.8 percent to $21.82 an ounce.

Analysts at Credit Suisse have raised their rating on Canada-based Aurico’s stock to “outperform” from “neutral”.

** ACHILLION PHARMACEUTICALS INC, $2.76, up 2 pct (9:42 a.m. ET) RA Capital Management reported a 14.96 percent passive stake in the drugmaker as of Sept. 30, making it Achillion's largest shareholder with an ownership of about 14.5 million shares. (ID: r.reuters.com/nen63v) (Compiled by Sneha Banerjee in Bangalore; Editing by Maju Samuel)

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